ENWAVE SIGNS ROYALTY-BEARING COMMERCIAL LICENSE AGREEMENT AND EQUIPMENT PURCHASE AGREEMENT WITH NIPPON TRENDS FOOD SERVICES, INC.
GlobeNewswire DEC 01, 2020 09:00 AM EST
VANCOUVER, British Columbia, Dec. 01, 2020 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that it has signed a Royalty-Bearing Commercial License Agreement (the “License”) and Equipment Purchase Agreement (the “Purchase Agreement”) with Nippon Trends Food Services, Inc. (“Nippon”), a California-based company with operations in Canada and the U.S. that manufactures premium ramen noodles under its Yamachan Ramen brand. During an in-depth evaluation of EnWave’s patented Radiant Energy Vacuum (“REV™”) dehydration technology, Nippon and the Company successfully developed a process to dehydrate fresh ramen noodles that rehydrate back to a fresh quality. Nippon intend to commercialize this application under the License.
EnWave’s REV™ dehydration technology has been chosen for many product applications where rehydration is a key determining factor. Ramen noodles are a globally consumed product and the estimated global market for the product was USD$44 billion in 2019 and is projected to reach USD $72 billion by 2027. EnWave will continue to seek additional opportunities in the broad marketplace where premium re-hydrated products benefit from a REV™ drying treatment.
Nippon has also signed the Purchase Agreement for a 10kW REV™ machine to be installed in Canada to initiate commercial production. The License granted by the Company to Nippon is exclusive for the processing of ramen noodles in Canada, and Nippon is required to purchase a large-scale REV™ machine with a minimum of 100kW of rated power within twelve months from the commissioning of the first 10kW REV™ machine in order to retain the exclusivity granted under the License.
EnWave’s scalable and reliable vacuum-microwave technology can be used to significantly reduce the drying time for freshly produced ramen noodles while allowing for texture and flavour preservation in the rehydrated product. This presents a major innovation opportunity for Nippon to reduce processing costs and increase plant throughputs of their retail ramen products. It also allows Nippon to produce a more premium portfolio of products in an economical fashion. This License is the first granting the right to manufacture noodles using REV™ technology and the Company believes there is significant global potential for the commercialization of this process in the Asia Pacific region.
About Nippon
Nippon is a family-owned company, established by Hideyuki Yamashita in 2000, that utilizes advanced machinery technology and high quality ingredients to manufacture its premium Yamachan noodle brand. Headquartered in San Jose, California with additional production capacity in Vancouver, Nippon has proudly manufactured its Japanese ramen noodles, udon, and Japanese-style gyoza for 20 years.
About EnWave
EnWave Corporation, a Vancouver-based advanced technology company, has developed a Radiant Energy Vacuum (“REV™”) – an innovative, proprietary method for the precise dehydration of organic materials. EnWave has further developed patent-pending methods for uniformly drying and decontaminating cannabis through the use of REV™ technology, shortening the time from harvest to high-quality, marketable cannabis products.
REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, and pharmaceutical sectors, including legal cannabis. EnWave’s strategy is to sign royalty-bearing commercial licenses with innovative, disruptive companies in multiple verticals for the use of REV™ technology. The company has signed over forty royalty-bearing licenses to date in twenty countries world-wide. In addition to these licenses, EnWave established a Limited Liability Corporation, NutraDried Food Company, LLC, to manufacture, market and sell all-natural dairy snack products in the United States, including the Moon Cheese ® brand.
EnWave has introduced REV™ as a disruptive dehydration platform in the food and cannabis sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently offers two distinct commercial REV™ platforms:
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